The Chamber of Petroleum Consumers Ghana (COPEC), has predicted that the prices of petroleum products are likely to increase again in the next pricing window which is set to commences on November 16, 2022.
COPEC had initially predicted a reduction in the prices. However, Executive Secretary of the Chamber, Mr. Duncan Amoah has observed that the prices may increase again because the cedi is depreciating again.
“The Cedi seem to be back on a decline spree. What the interbank rate was quoting at GH¢13.8 is currently doing GH¢15.5, GH¢15.7. If that continues, then I don’t see how the reduction will come.”
Duncan Amoah, Executive Secretary -COPEC
Moreover, he suggested that some recent happenings on the international market indicate that the pricing of petroleum products in the next pricing window will be unfavourable to Ghanaians.
“[The] International market prices are also looking bullish once again due to China’s most recent announcement of reopening that economy fully,” COPEC’s Executive Secretary claimed.
So basically, COPEC is predicting that the depreciation of the Ghana cedi and developments on the international market will make fuel prices shoot up.
Even though COPEC is not entirely sure as to what the new prices of petrol and diesel will be, information available to COPEC at the moment is suggesting that petrol may increase by GH¢1 or GH¢2 whiles diesel remains stable or reduces.
“From what we saw as of our records yesterday if you were to do new prices yesterday evening, petrol would have simply gone up by a cedi or two, diesel would have probably stabilized and in the best case scenario declined by GH¢1.
“As we speak, we have the whole of Thursday, Friday and the following Monday to observe to determine exactly where pricing should be in the next window which commences on the 16th day of November. So as it stands it could be anything but the reduction that has been published widely I am afraid might not be the case of today.”
Duncan Amoah, Executive Secretary -COPEC
COPEC PREDICTS A DECREASE IN FUEL PRICES
Yesterday, November 09, 2022, Duncan Amoah, the Executive Secretary of COPEC predicted that the prices of fuel may decrease in the next pricing window.
COPEC was expecting petrol which is currently selling at GH¢18 per litre to sell at around GH¢17.10 per litre Diesel on the other hand was expected to reduce significantly from GH¢23.49 per litre to about GH¢21.19 per litre.
If we backtrack to how much fuel sold at the beginning of the year, then we will understand why the general mood of all Ghanaians, drivers especially was one of indifference even though COPEC predicted a decrease in fuel prices.
As at January 16, 2022, petrol and diesel were selling at GH¢ 6.50 per litre in all Goil and Shell filling stations across the Country. At Total, petrol was selling at Gh¢ 6.99 per litre whereas diesel sold at Gh¢ 7.05.
So prices of fuel today, is an increase of almost 200% when compared to how much fuel costed at the beginning of the year.
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